The government plans to inject 60 billion won in March and April into a major discount campaign for agricultural, livestock and fisheries products in an effort to stabilize prices as the inflation rate climbed back above three percent in February. 

Finance minister Choi Sang-mok announced the decision on Wednesday during a meeting with economy ministers in Seoul as Statistics Korea said consumer prices rose three-point-one percent year-on-year in February. 

The prices of agricultural, livestock and fisheries products jumped eleven-point-four percent, and the prices of fruit soared 41-point-two percent from a year earlier in February, the largest growth in 32 years and five months.

Minister Choi said that the downward trend of prices appears to have slowed due to the high prices of agricultural products and the rise in global oil prices, vowing that the government would work hard to reach the two-percent inflation level as early as possible.

The minister said that the government will lower the perceived prices of food products by 40 to 50 percent by injecting 60 billion won into discount programs for agricultural, livestock and fisheries products in March and April.

He added that the government will apply additional tariff reductions on three major imported fruits and provide oranges and bananas at lower prices by directly importing them.